Shiba Inu Burn Rate Spikes Over 10000% After A Day Of Massive Pullback

Shiba Inu Coin News: The SHIB token burn rate shoots up by 10960.22% over the previous 24 hours. Within the last 24 hours, there were 57 transactions and a collective burn of 934,428,791 SHIB tokens. The largest transaction was 924,150,949 SHIB tokens, burned by Koyo Token. The cryptocurrency’s low price and high circulating supply have made it accessible to a broader range of investors, leading to increased demand and liquidity.

Another factor contributing to SHIB’s success is its decentralized exchange (DEX), ShibaSwap. ShibaSwap has seen significant growth in its trading volume and liquidity since its launch, attracting more investors to SHIB and driving up its value.


FUD surrounding Shibarium
Meanwhile, Shiabrium Beta had been made live on 11 March 2023. The much-awaited launch had been responsible for the recent spiking in the price of Shiba Inu, too. There has been a FUD surrounding the Shibarium blockchain that the developers of Shiba Inu have replicated Rinia, a separate project. These accusations contributed to the drop in prices of Shiba Inu yesterday.
Also read: Breaking: US Fed Prints $300 Billion, Bitcoin Price And Ethereum To Rally

SHIB INFORMER released a statement asserting that the modification required is not to the program itself, but merely to the network number, which happens to be utilized on other test networks. The statement also clarified that the issue at hand is straightforward – both parties have utilized a number (code) that was available, resulting in a conflict. However, one of the teams must alter the number to resolve the situation. Shib Army took to their Twitter handle to express their support for Shiba coin and Shibarium’s developer Shystoshi Kusama. 

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Shiba Inu (SHIB) price rises 

Shiba Inu price has gone up by 2.21% in the last few hours. Each SHIB token is currently trading at 0.00001067 USD. The coin has gained over 8% in the last 7 days. However, the market cap has come down to 6.29 billion USD and trading volume drops by 39.51%. Source: coinmarketcap
Also read: Breaking: Ethereum Shanghai Upgrade Date Officially Announced

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Shourya is a fintech enthusiast who mainly reports on Cryptocurrency Prices, Union Budget, CBDC, and FTX collapse. Connect with her at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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